Do you find that your income is stretched thin every month? A lot of people look at ways to save but rather than saving, you should focus on making more. There are various ways to do this, and many of them won’t take up a massive amount of time or even a lot of effort. Let’s look at some of the best and brightest possibilities and discover how you can add a little extra pocket money to your overall income.
The Side Hustle
Ideal for the stay at home mum, or the bored dad, the side hustle is a way to earn extra money in your spare time. This is the opposite of a passive income and will involve you putting in the time and effort. With a side hustle, you can essentially rely on a skill or talent that you possess. A basic example of this would be baking. Are you a brilliant baker? Do you think that you could beat anyone who appears on the Great British Bake-Off with your delicious cupcakes and pastries? If so, you might want to think about turning your passion for pastries into a money-making scheme. Start by selling your delicious goods to your local community and before long you might have a business model where customers are ordering your cakes from afar.
The Great Trade-Off
Alternatively, you can think about getting involved in trading.Trading is a passive income that may not take a lot of time, and can essentially operate in the background of your finances. This is certainly true for penny stocks. These can be bought for low prices and without your attention, could grow into a highly valuable investment.
Or, if you are hoping to see larger profits, you can look into something like CFD trading. With CFDs, you can invest in a wide variation of stocks, equities and commodities all at the same time while minimizing your risk. Although it does cost a substantial amount to get started, the rewards can be massive, and profits are tax-free. If you’d like to learn more, you can research this possibility online, there are plenty of helpful guides that will give you the building blocks necessary to get started.
The DIY Hotel
Are you the hostess with the mostess? If you love having guests around to your home and being a great host, you might want to think about turning at least part of your property into a hotel or a bed or breakfast. This is going to be particularly beneficial for those who live on tourist areas as they will be able to charge a large amount of money in rent and see a large demand. However, before you do this, you should explore the responsibilities that you will take on when you use your home in this way.
As you can see then, there are lots of different ways that you can add to your income and gain the extra pocket money to make those monthly costs just that little bit easier. Or even, improve your overall lifestyle. Check out our other articles on making extra income as well.